Citing declining yearend passenger counts, Moody’s Investors Service has downgraded the long-term debt ratings of All Nippon Airways from stable to negative. Moody’s acted after ANA’s November and December 2008 international passenger counts decreased by 14.4% and 14.6%, respectively, compared to 2007. While the carrier’s domestic passenger decline was modest, it said the carrier’s cost-reduction efforts are not enough to mitigate the “acute decline in passengers, as the company’s fuel ...

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